Federal agricultural mortgage corporation (AGM)
Income statement / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Sep'10Jun'10
Interest income:
Investments and cash equivalents

17,741

19,804

22,855

20,156

18,707

16,498

15,123

12,095

11,463

9,752

9,223

8,368

7,243

6,807

6,994

6,560

6,681

4,194

3,185

3,094

2,865

2,424

4,507

5,101

5,237

-

5,263

-

-

-

-

-

-

-

-

-

-

-

-

Farmer Mac Guaranteed Securities and USDA Securities

71,517

81,267

81,649

85,569

85,411

77,474

76,870

74,179

62,430

56,818

54,350

50,106

42,522

39,343

38,129

37,299

35,510

32,835

34,002

34,484

33,122

30,588

32,532

32,957

32,846

-

32,746

-

-

-

-

-

-

-

-

-

-

-

-

Loans

60,596

61,883

56,992

59,403

51,397

52,481

50,622

49,396

45,653

44,801

40,924

39,573

36,852

35,091

34,409

33,377

31,700

30,533

29,731

28,814

27,964

27,718

26,371

26,417

14,369

-

24,966

24,669

-

-

-

-

-

-

29,843

-

-

29,174

32,142

Total interest income

149,854

162,954

161,496

165,128

155,515

146,453

142,615

135,670

119,546

111,371

104,497

98,047

86,617

81,241

79,532

77,236

73,891

67,562

66,918

66,392

63,951

60,730

63,410

64,475

52,452

49,180

62,975

61,745

61,498

56,151

63,810

71,578

73,131

72,642

71,121

66,852

64,072

58,575

57,327

Total interest expense

108,542

113,584

121,384

122,074

114,916

104,237

97,557

91,737

76,317

70,088

64,935

58,316

49,546

44,528

43,969

42,878

40,251

36,591

34,735

34,528

33,162

44,606

48,886

42,502

34,726

35,777

34,787

33,584

33,128

33,358

33,448

36,961

38,923

39,277

39,412

37,640

37,053

33,526

35,719

Net interest income

41,312

49,370

40,112

43,054

40,599

42,216

45,058

43,933

43,229

41,283

39,562

39,731

37,071

36,713

35,563

34,358

33,640

30,971

32,183

31,864

30,789

16,124

14,524

21,973

17,726

13,403

28,188

28,161

28,370

22,793

30,362

34,617

34,208

33,365

31,709

29,212

27,019

25,049

21,608

(Provision for)/release of losses

3,438

2,430

760

578

-264

146

99

424

-431

474

270

327

637

461

191

364

49

3,366

-1,164

110

76

-462

511

-1,583

573

117

-499

-529

430

4,354

137

-1,220

420

-482

-349

160

1,281

-412

1,870

Net interest income after (provision for)/release of losses

37,874

46,940

39,352

42,476

40,863

42,070

44,959

43,509

43,660

40,809

39,292

39,404

36,434

36,252

35,372

33,994

33,591

27,605

33,347

31,754

30,713

16,586

14,013

23,556

17,153

13,286

28,687

28,690

27,940

18,439

30,225

35,837

33,788

33,847

32,058

29,052

25,738

24,637

23,478

Non-interest (expense)/income:
Guarantee and commitment fees

3,196

3,401

3,349

3,403

3,513

3,506

3,490

3,481

3,499

3,484

3,314

3,472

3,844

3,789

3,798

3,655

3,626

3,780

3,532

3,388

3,377

3,563

3,644

3,703

3,784

6,768

6,819

6,759

6,612

6,568

6,401

6,064

5,930

5,966

6,148

6,320

6,387

5,977

5,710

Losses on financial derivatives

-9,298

4,089

-7,360

8,913

-360

-2,999

628

2,534

-3,850

-1,777

661

-617

2,486

15,390

-1,601

-4,696

-6,782

1,592

-9,568

14,389

-3,882

-9,178

808

-5,698

-7,578

9,263

3,024

14,983

4,494

3,505

1,558

-31,292

6,400

-10,277

-68,567

-17,806

4,005

-6,864

-15,840

Gains on trading securities

106

172

49

61

44

57

-3

11

16

60

0

-2

-82

-474

1,182

394

358

696

-8

170

362

13,857

16,369

7,748

655

-76

-626

-327

210

2,735

-441

-3,086

1,099

3,809

-3,633

1,968

1,311

-1,722

5,058

(Losses)/gains on sale of available-for-sale investment securities

-

-236

-

-

-

-

-

-

-

-

89

-

-

0

0

0

-9

0

3

0

6

0

-396

143

15

-960

0

3,071

2

-10

0

0

28

0

74

38

157

24

0

Gains (Losses) on Extinguishment of Debt

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,462

-

-

0

-

-

-

-

-

-

-

-

-

-

Gains on sale of real estate owned

485

0

0

0

0

0

-41

34

-

964

32

757

-5

0

15

0

0

0

0

0

-1

-28

0

168

-3

26

39

1,124

47

629

-13

262

0

254

-4

627

97

0

0

Real estate owned operating costs, net

-

-

0

64

-

0

0

0

16

0

0

23

0

0

0

0

39

44

48

0

-1

48

1

59

2

-

35

259

-

-

-

-

-

-

142

-

-

1,189

298

(Provision for)/release of reserve for losses

393

421

-137

-158

-129

20

-102

158

21

-10

114

139

-193

51

-222

94

14

-3,415

861

1,146

-772

-17

-1,315

-974

101

-

463

-175

-

-

-

-

-

-

-452

-

-

-105

-3,043

Lower of cost or fair value adjustment on loans held for sale

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-5,943

0

0

0

0

9,851

-156

-808

-906

90

Other income

816

526

530

355

493

118

365

320

574

-58

203

134

553

602

707

413

101

372

1,060

260

613

920

502

200

92

539

565

873

1,080

890

959

771

721

1,102

726

1,124

3,898

140

211

Non-interest (expense)/income

-5,088

7,952

-3,432

12,732

3,819

682

4,439

6,380

239

2,673

4,299

3,744

6,796

19,307

4,101

-234

-2,706

6,440

-4,981

18,207

475

9,134

20,927

6,264

-3,035

17,022

9,821

26,483

12,445

8,374

8,464

-27,281

14,178

854

-55,405

-7,885

15,047

-3,351

-4,771

Operating expenses:
Compensation and employee benefits

10,127

6,732

7,654

6,770

7,606

7,167

6,777

6,936

6,654

5,247

5,987

6,682

6,317

5,949

5,438

5,611

5,774

5,385

5,236

5,733

5,693

4,971

4,693

4,889

4,456

-

4,523

4,571

-

-

-

-

-

-

4,805

-

-

4,501

3,907

General and administrative

5,363

5,773

5,253

4,689

4,596

5,829

4,350

5,202

4,326

4,348

3,890

3,921

3,800

4,352

3,474

3,757

3,526

3,238

3,676

3,374

2,823

2,992

3,123

3,288

2,794

-

2,827

2,715

-

-

-

-

-

-

2,505

-

-

1,775

2,051

Regulatory fees

725

725

688

687

688

687

625

625

625

625

625

625

625

625

613

612

613

613

600

600

600

600

593

594

594

-

593

594

-

-

-

-

-

-

550

-

-

568

562

Operating expenses

16,215

-

-

-

12,890

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Provision for (release of) losses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-105

-3,043

Other Expenses

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

-

-

0

0

Non-interest expense

-

13,651

13,458

12,052

-

13,703

11,650

12,921

11,642

10,210

10,616

11,390

10,549

10,977

9,303

10,074

9,966

5,865

10,421

10,853

8,343

8,594

7,095

7,856

7,947

7,621

8,441

7,964

9,081

6,109

7,748

9,209

7,842

7,240

7,550

7,191

6,678

8,138

9,861

Income before income taxes

16,571

41,241

22,462

43,156

31,792

29,049

37,748

36,968

32,257

33,272

32,975

31,758

32,681

44,582

30,170

23,686

20,919

28,180

17,945

39,108

22,845

17,126

27,845

21,964

6,171

22,687

30,067

47,209

31,304

20,704

30,941

-653

40,124

27,461

-30,897

13,976

34,107

13,148

8,846

Income tax expense

3,741

8,743

4,629

9,111

6,622

6,193

7,979

7,332

6,438

13,266

11,193

11,124

10,786

15,793

10,529

8,400

7,335

9,912

6,327

13,769

4,231

2,769

7,564

-6,368

-1,141

3,774

8,226

13,036

8,716

4,837

8,294

-2,629

11,654

7,872

-14,131

2,539

9,517

885

756

Net income

-

-

-

34,045

-

22,856

-

29,636

-

20,006

21,782

20,634

21,895

28,789

19,641

15,286

13,584

18,268

11,618

25,339

18,614

14,357

20,281

28,332

7,312

18,913

21,841

34,173

22,588

15,867

22,647

1,976

28,470

19,589

-16,766

11,437

24,590

12,263

8,090

Less: Net loss attributable to non-controlling interest

-

-

-

-

-

-

-

-

-

0

0

-150

-15

28

-18

-16

-28

-60

-36

-119

5,354

5,414

5,412

5,819

5,547

5,546

5,547

5,547

5,547

5,546

5,547

5,547

5,547

5,546

5,547

5,547

5,547

5,546

5,546

Net income attributable to Farmer Mac

12,830

32,498

17,833

34,045

25,170

22,856

29,769

29,636

25,819

20,006

21,782

20,784

21,910

28,761

19,659

15,302

13,612

18,328

11,654

25,458

13,260

8,943

14,869

22,513

1,765

13,367

16,294

28,626

17,041

10,321

17,100

-3,571

22,923

14,043

-22,313

5,890

19,043

6,717

2,544

Preferred stock dividends

3,431

3,432

3,427

3,785

3,296

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,295

3,296

3,283

2,308

952

882

881

881

851

720

719

720

720

720

719

720

720

720

720

Loss on retirement of preferred stock

-

0

0

1,956

-

-

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

Preferred Stock Redemption Premium

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

8,147

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net income attributable to common stockholders

9,399

29,066

14,406

28,304

21,874

19,560

26,474

26,340

22,524

16,710

18,487

17,488

18,615

25,465

16,364

12,006

10,317

15,032

8,359

22,162

1,818

5,647

11,586

20,205

813

12,485

15,413

27,745

16,190

9,601

16,381

-4,291

22,203

13,323

-23,032

5,170

18,323

5,997

1,824

Earnings per common share:
Basic earnings per common share (in dollars per share)

0.88

2.72

1.34

2.65

2.05

1.84

2.48

2.47

2.12

1.58

1.74

1.65

1.76

2.42

1.56

1.15

0.99

1.39

0.76

2.01

0.17

0.52

1.06

1.85

0.07

1.14

1.42

2.57

1.51

0.91

1.56

-0.41

2.14

1.29

-2.22

0.50

1.78

0.58

0.18

Diluted earnings per common share (in dollars per share)

0.87

2.70

1.33

2.63

2.03

1.82

2.46

2.45

2.10

1.54

1.71

1.62

1.73

2.36

1.54

1.13

0.94

1.35

0.74

1.94

0.16

0.50

1.02

1.78

0.07

1.11

1.37

2.48

1.45

0.87

1.49

-0.41

2.04

1.23

-2.22

0.48

1.72

0.56

0.17

Common Stock, Dividends, Per Share, Declared

-

-

-

-

-

-

-

-

-

-

0.36

0.36

0.36

-0.52

0.26

0.26

0.26

-

0.16

0.16

0.16

-

0.14

0.14

0.14

-

0.12

0.12

-

-

-

-

-

0.05

0.05

0.05

0.05

0.05

0.05